Services
Escrow And Trust Fund Services
ReCon Works hopes to enable our clients to quickly and accurately correct errors in the trust account while also developing their understanding of banking procedures and industry regulations.
We are committed to providing the same level of patient, comprehensive support to our more experienced escrow offices as well as those just starting out.
Fraud Prevention
Over many years, we've seen purposeful trust fund fraud committed in escrow documents (RESPA and closing statements); with outstanding checks and closed files with balances; with checks, receipts, and fee transfers; with title company refunds after close of escrow; and more.
ReCon Works not only works with you to uncover fraudulent activity, but also to establish managerial systems to reduce fraud risk by:
- Initiating banking procedures to prevent check-cashing fraud
- Utilizing strict and thorough office procedures for replacing unpaid checks
- Exposing non-deposited receipts through wire and credit verification processes
- Creating token-based wire verification systems
- Instructing key escrow personnel on fraud prevention procedures
Fee for this service is $125 per each hour spent in your office. Contact us here.
Trust Account Audit Preparation
Whether you're preparing for an internal or a government audit, Recon Works will help you prepare.
ReCon Works sends a qualified field rep to your office to create a response file for your Trust Accounting Information:
- Organizing all needed audit material for quick delivery to auditor
- Accounting for each check, receipt, wire, fee, and adjustment during the audit period
- Compiling required audit reports and answers to pre-audit questions
- Collecting all Trust Account Reconciliation Reports
- Verifying all Trust Account exceptions have been corrected
- Instructing key escrow personnel on working with an auditor during & after audit periods
Fee for this service is $125 per each hour spent in your office.
Contact us here.
Escheating Trust Funds
Between July 1st and October 30th each year we can assist you with escheating all unspent qualifying funds to the state.
We will help you:
- Identify all trust funds needing to be escheated
- Make a record that identifies amounts and escrow files involved
- Use online and/or paper forms as required to complete the escheatment process
- Provide you with instructions and support phone numbers for future escheating
- Train you and your staff on ways to eliminate escheating in the future.
Fee for this service is $75 per each hour spent in your office, maximum $495.
Contact us here.
Procedural Training
We will train as many of your personnel as desired on the state-required daily and monthly procedures for reporting the activity in your trust accounts.
This training includes:
- Correctly using a manual daily control balance report
- Comparing daily manual reports to daily computer report
- Techniques for preventing errors in daily accounting
- Familiarization with all government-required forms for daily balancing
- Understanding the importance of the trust account to the escrow company
- Government auditor's question and answer periods after each session
Training is available in your office or at a nearby offsite location. We are equipped to train groups or individuals. Classes run typically three hours with a 15 minute mid-course break.
Fee for this service is $65 per hour (for one individual) or $55 per student with groups of three or more.
Contact us here.
Trust Account Reconciliation
Behind on trust account reconciliations?
No matter how far behind you have fallen in having the trust account reconciled, ReCon Works can get your account reconciled and brought up-to-date. What is needed? Last-known account reconciliation report complete with exceptions and outstanding checklist, and the daily or monthly computer trust accounting reports such as:
- Check activity
- Receipt activity
- Wire activity (in/out)
- Fees activity
- Control summary report
- Trial balance report
- Savings account activity
- Bank statements
Cannot access past computer reports? We can still help you!
ReCon Works can work with your source documents copies (check and receipt copies, adjustments and wire paperwork) to prepare monthly computer reports and reconciliations that will pass government audits.
Fee for this service varies, and will be determined during an initial visit to the escrow office. Contact us here.
On-Site Support
We will send up to two experienced field reps to your office to assist you:
- Clear exceptions on the latest trust account reconciliation report
- Work with private or state auditors to pass and complete required audits
- Research each exception listed on the trust account reconciliation
- Pull copies of source documents from escrow files and bank statements
- Determine exact causes for the exceptions
- Initiate correction procedures needed to permanently clear each exception
- Create copies of documents for each exception for you to keep
- Help you make the correct computer or bank adjustments to clear each exception
- Train proper methods to clear each exception to the satisfaction of all parties (escrow, auditors, etc.)
Fee for this service is $150 per each hour spent in your office, with no minimum requirement.
Contact us here.
Other Services
Do you have a specific need that is not addressed above?
Contact ReCon Works. With decades of experience in this industry, if we do not provide the service, there's a good chance we know who does. We are always happy to speak with you.